Posted on 09/26/2008 2:31:32 PM PDT by kms61
Washington Mutual Inc.'s new CEO, Alan Fishman, will be eligible for at least $12.65 million or more in salary and bonuses next year, the company said Thursday in a securities filing.
Fishman, who replaced Kerry Killinger as CEO on Monday, also received a $7.5 million signing bonus for joining the company, according to a regulatory filing made with the Securities and Exchange Commission.
Under his employment agreement, Fishman will receive a base salary of $1 million, a target bonus of up to $3.65 million and a long-term incentive award starting in 2009 of at least $8 million.
In addition, he is eligible for stock awards that include 612,000 restricted shares, which will vest over three years. He could also receive options to buy 5 million additional shares, with some of the shares vesting over time and some vesting linked to the shares' performance.
Under his employment agreement, Fishman, 62, could also be eligible for
(Excerpt) Read more at businessweek.com ...
Wonder what the severance package for the former WaMu ceo was. He managed to run it right into the dirt. Impressive.
Looks like Killinger made a real killing (in more ways than one). It’s good to be the CEO (of a bankrupt company). Sad shame for the rank and file, but them CEOs gotta be paid.
I’m on a conference call right now in which Fishman and a JPM guy are explaining what happened over the last few weeks.
The chance to get 5,612,000 shares of WaMu. Well, maybe if you get one share per certificate they can keep you warm for the winter.
I’m paraphrasing Fishman’s words...
1. WaMu was in a weakened condition, but looked like it may survive.
2. Fannie and Freddie smackdown a few weeks ago put all kinds of outside pressure on WaMu.
3. Fishman came in and put out that fire.
4. Then Lehman went BK, and that started to panic investors and depositors.
5. When bailout looke dlike it wasn’t going through, the OTS/FDIC stepped in and said, “enough”.
People need to pull all their investments out of this out fit.
He may have to be paid $1,000,000 USD for his 3 weeks on duty and not a penny more than that. If “Mr. Rich Bitch” complains tell him to take a flying F-ck!
A couple weeks ago, the WaMu Board of Directors properly (if late) fired the old CEO and hired a new one, Fishman. You’re spouting the new hire’s contract of a couple weeks ago, which really has nothing to do with the bailout! Yesterday Fishman was fired also, by the FDIC! WaMu lucked out, and now has Jamie Dimon as its CEO. So those of us who bank there went from the Worst Bank in the country to the Best Bank in the country overnite!
Nope, Fishman is still with WaMu/JPM. I’m listening to him and Charlie Scharf (head of JPM Chase Retail financial Services) on an internal WaMu conference call right now.
EXACTLY!!!
Using the money out of his severance package...
How many more people could be put to work or keep their jobs?
How much better insurance could be provided to HIS employees?
How much better could those that are struggling at the bottom of the pay scale be helped up with a pay raise!
These CEO's make me sick. Self serving S.O.B.'s that could give a rats a$$ about the people they are responsible to. Not to mention their stock holders.
IF they ruin a company they should be made to GIVE THEIR PAY BACK to those they stole it from.
Fox News reporting it is over $20MM for just three weeks of work.
Disgusting.
You guys are starting to sound like liberals.
yeah, so what? who is to say he didnt have other job offers that he didnt take?
Reserves cost too much to make a profit?
Too much junk on the books going south.
Then there's that keeping track or checks rep.
Why is it that these jerks can run a company into the ground and walk away with golden parachutes? I used to have some stock in a company that went bankrupt. By the time the creditors were paid, my stock was worthless. Why should the executives be in any better shape?
I wonder if bankruptcy law protects these executive severance packages. If so, why shouldn’t they be rendered null and void if the company fails? Let the assets be distributed to creditors and shareholders instead!
Reality check I guess.
I am just frustrated at the amount these guys get for doing NOTHING.
They make bad financial decisions that ruin the company they were hired to run and in the end,they take HUGE severencess and all of the employees below them are forced to find a new job, and these guys are free to do it all over again.
Some day there will be a run on one of those banks, and the people won’t stop till they get to the CEO’s desk.
So, his pay is not "for three weeks of work".
As it is, the depositors of WaMu did not lose a single dollar in the transition to JPM. How much did Fishman have to do with that?
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